Private sector employment increased by 127,000 jobs in November and annual pay was up 7.6 percent year-over-year, according to the November ADP® National Employment ReportTM produced by the ADP Research Institute® in collaboration with the Stanford Digital Economy Lab (“Stanford Lab”)This was below the consensus forecast of 200,000. The BLS report will be released Friday, and the consensus is for 200 thousand non-farm payroll jobs added in November.
The jobs report and pay insights use ADP’s fine-grained anonymized and aggregated payroll data of over 25 million U.S. employees to provide a representative picture of the labor market. The report details the current month’s total private employment change, and weekly job data from the previous month. ADP’s pay measure uniquely captures the earnings of a cohort of almost 10 million employees over a 12-month period.
“Turning points can be hard to capture in the labor market, but our data suggest that Federal Reserve tightening is having an impact on job creation and pay gains,” said Nela Richardson, chief economist, ADP. “In addition, companies are no longer in hyper-replacement mode. Fewer people are quitting and the post-pandemic recovery is stabilizing.”
Wednesday, November 30, 2022
ADP: Private Employment Increased 127,000 in November
From ADP: ADP National Employment Report: Private Sector Employment Increased by 127,000 Jobs in November; Annual Pay was Up 7.6%